Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
By John Lee. Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra and Kirkuk crude oil for March. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index (ASCI); […]
By John Lee. Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] met on Sunday with the CEO of Shell in Iraq, Hans Nijkamp. The meeting was attended also by Mr. Hamid Y. Salih, the deputy minister of gas, Mr. Abd Al-Mahdi Al-Ameedi the director general of the Petroleum Contracts & Licensing Directorate (PCLD), and other […]
DNO ASA, the Norwegian oil and gas operator, today reported receipt of USD 21.45 million from the Kurdistan Regional Government for exports from the Tawke field under a new payment arrangement announced on 1 February 2016. The payment, to be shared pro-rata by DNO and partner Genel Energy plc, includes USD 17.99 million toward the […]
By John Lee. Shares in Genel Energy were trading up 10 percent on Friday morning after the compay announced that the Taq Taq field partners have received a gross payment of $16.3 million from the Kurdistan Regional Government for oil exported through the Kurdistan Region of Iraq-Turkey pipeline. Genel's share of the gross Taq Taq […]
The Kurdistan Regional Government (KRG) has published its monthly export report for January 2016. The KRG exported 18,656,131 barrels of crude oil (an average of 601,811 barrels per day (bpd)) in the month of January through the Kurdistan pipeline network to the port of Ceyhan in Turkey. Of this amount, fields operated by the KRG […]
Kurdistan Region President Masoud Barzani says that the time has come for the people of Kurdistan to make a decision through a referendum on their future. In a statement this week, he also criticized those who have made hostile statements about the holding of a referendum in Kurdistan. “In the last few days, a number […]
By Ahmed Mousa Jiyad. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. Political Risk Index for Iraq Oil Export: Reality and Predictions Oil export by a country could be impacted by a multiplicity of factors, but in the short term oil export could be […]
By Amberin Zaman for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. When the Iraqi Kurds come to Washington, it is often to ask for guns to fight the Islamic State (IS). Now they are pleading for cash, warning that their campaign against the jihadis is threatened […]
By John Lee. Iraq's oil ministry said on Monday that exports rose slightly in January to an average of 3.285 million barrels per day (bpd), up from 3.216 million bpd in December. Production from the southern oilfields averaged 3.9 million bpd, down from a record high of 4.13 millon bpd the previous month. All of […]
By John Lee. Shares in Gulf Keystone Petroleum (GKP) were up 28 percent on the London market this morning, after the Kurdistan Regional Government's Ministry of Natural Resources clarified its export payment plan for foreign oil companies. Other companies with exposure to Iraqi Kurdistan, includingn Genel Energy and DNO, also saw their shares rise significantly. […]
By John Lee. The China Petroleum Pipeline (CPP) and private company Mass Global have reportedly formed a consortium to build an $18-billion export pipeline from Basra to the Jordanian Red-Sea port of Aqaba (pictured). Iraqi Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] told Reuters: “The two companies will submit their investment offer to the oil […]
By John Lee. Iraq's Oil Ministry is preparing a draft law to revive the National Oil Company (NOC), which was set up in the 1960s but merged into the Oil Ministry in 1987. Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] (pictured) told Reuters the move would be “vital for the development of the energy sector” […]
